Tag - new customers

It’s always worthwhile to take a closer look at statistics, and see what they actually mean. Consider the following statistical tidbits (both from McKinsey): An average company loses between 10 – 30% of its customers annually, and Only 12% of current marketing spend is on customer retention. It would be easy to look at those …

Replacing customers who you’ve already lost and retaining your existing customers are interchangeable strategies, because one customer is not just like another. Let’s take a closer look at the actual cost of losing customers and replacing them: First of all, it is not guaranteed that you will be able to find a replacement for each …